Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
The Fair Market Rent (FMR) for ZIP code 85026 in fiscal year 2024 is set at $1880. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent, not the actual rent paid by the tenant. The FMR is determined by HUD and serves as a benchmark to ensure that rents are reasonable and affordable.
In ZIP 85026, the local median rent is listed as N/A, which makes direct comparison challenging. However, the N/A% of renters in this area indicates a significant portion of the population relies on rental housing, suggesting a steady demand for rentals. This demand can be particularly beneficial for landlords who qualify for Section 8 tenancy, as it ensures a consistent stream of potential tenants.
The acquisition cost for properties in this area is also noted as N/A. This information is crucial for understanding the initial investment required to enter the market. Landlords should research the average property values and costs in 85026 to make an informed decision about whether the $1880 FMR covers their expenses and provides a reasonable profit margin.
Before proceeding with a Section 8 rental, one critical step is to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and livable, and failing to meet them can result in disqualification from the program. Once your property passes this inspection, you can confidently proceed knowing that it adheres to the necessary criteria for Section 8 tenancy.
To summarize, the FMR of $1880 for ZIP 85026 sets the upper limit for rent under the Section 8 program. Given the N/A% of renters in the area, there is likely strong demand for affordable housing options. While the local median rent and acquisition cost are not available, the HQS verification is a must-do step to ensure compliance with the program requirements.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.